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SEC Filings

10-Q
FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018
Entire Document
 

$973,000 related primarily to a loss on extinguishment of debt primarily at Illinois Science and Technology Park, office buildings in Skokie, Illinois that were sold during the first quarter of 2017, offset by loss on extinguishment of debt recorded related to several refinancings in 2018.
Operations - $11,248,000
$17,176,000 related to decreased development, management, corporate and other expenses primarily due to reduced overhead as a result of our recent reorganization and the recognition of the remaining deferred gain related to the Terminal Tower sale (our previous Corporate headquarters) upon our early vacating of the premises and the transfer of service and management functions to QIC and Madison International relating to the properties sold under the signed definitive agreements;
$(15,167,000) related to increased organizational transformation and termination benefits in 2018 compared to 2017;
$8,870,000 related to a combined fluctuation in revenues and operating expenses for operations and development properties in lease-up or recently stabilized but not comparable and other non-comparable properties at September 30, 2018;
($6,966,000) related to decreased interest and other income primarily related to the receipt of a New York State Empire Zone tax credit related to previously paid real estate taxes at Westchester’s Ridge Hill of $7,159,000 during the three months ended September 30, 2017 and decreased interest income recognition on the Nets note receivable, which was paid in full in April 2018, partially offset by increased interest income recognition on notes receivable related to QIC (Regional Mall dispositions);
$4,372,000 related to a combined fluctuation in revenues and operating expenses for properties in our comparable operating portfolio; and
$2,963,000 related to a combined fluctuation in revenues and operating expenses at properties in which we recently acquired our partners’ interest.
Non-Cash Transactions - $82,253,000
$54,888,000 related to impairments of real estate in 2017;
$29,140,000 related to a decrease in depreciation and amortization expense in 2018 compared with 2017 primarily due to the write-off of tenant improvements in 2017 at two office buildings, accelerated depreciation in 2017 at two properties undergoing redevelopment, the 2017 deed-in-lieu transaction at Boulevard Mall, and the disposition of rental properties in 2018 and 2017, partially offset by recently opened properties and properties in which we recently acquired our partners’ interests;
$(2,760,000) related to increased write-offs of abandoned development projects and demolition costs in 2018 compared to 2017; and
$985,000 related to decreased amortization of mortgage procurement costs due to property sales in 2017 and 2018, partially offset by increases at properties opened in 2017 and 2018.
Income Taxes
$288,000 due to decreased income tax expense.


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